Credit union ties bring advisers to Bridges
The culture and offering to advisers has been a factor in the growth of Bridges Financial Services’ planner numbers.
A relationship with a number of credit unions has meant a steady flow of clients for the dealer group, which is attractive to advisers, Bridges chief executive officer Alex Hutchinson says.
“We source about 50 per cent of clients from credit unions, which provides a good source of leads for advisers,” he says.
“This relationship, and the fact Bridges is very planner concentric, means people want to work for us.”
To be exact, in its 20-year history Bridges has never had a large breakaway of advisers to form their own group, unlike some other large dealer groups.
However, Hutchinson points out the group is very selective in who it recruits.
“We want people who will fit in with our service-orientated culture,” he says.
“Credit unions have a different culture and financial planners working with us have to have the same attitude.”
Hutchinson says the Bridges group is also attractive to advisers because of the in-house services it can offer.
“While Bridges is a financial planning organisation, it is also a stockbroker, which means advisers do not have to go outside the organisation for this service,” he says.
“This help stops client fragmentation.”
Bridges also has its own in-house independent research team, which advisers have access to, and, through its parent Australian Wealth Management, access to trustee services through Australian Executor Trustees.
“By giving the adviser access to these services, which are normally outside a dealer group, we are providing advisers a non-fragmented model,” Hutchinson says.
“Financial planning is now a complex and difficult profession, but we have provided a comprehensive range of services to the adviser, so it is almost like a family business.”
Hutchinson says the group will continue to recruit advisers, but it will be gradual, rather than on a widespread basis.
“We will be targeting quality financial planners who can fit into our culture and business,” he says.
— John Wilkinson
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
